Thanks, Mark.
exceeding we into the few getting with quarter. I’ll Before our performance good our results Overall, quarter the details, a expectations. in had comments make a on
We are as pleased with net margin and as gross well realization. price as performance from productivity from and our improving trends savings benefited we costs
$XX savings total million progress million. in program continuing we Our from program-to-date the million achieved good continued quarter to to year-to-date bringing $XXX as cost the $XXX savings total the operations, in and
We progress anticipated will the will program, enable are with proceeds on debt America $X the pleased our announced billion, divestiture Completing recently market. International businesses. on our agreement Campbell we sell divestiture approximately having core focus level. with program significantly North us of our And to reduce to the
Lastly, announced this operations. providing are guidance continuing as we we XXXX our morning, for
performance Day discussed to the we in Investor in stable As XXXX as make at growth. investments we we our necessary achieve June, expect long-term
focus In our my I’ll review for the discussion, results. now detailed on continuing I’ll primarily operations. results
of of case, In we results operations quarter, results will results, provide combined the will the and last did this of guidance. consistent International. Campbell with we continuing combine as basis the previous our we However,
I’ll continuing start operations. with
quarter, increased offset increased X% Snacks, partly X% For approximately and billion. reported & also the higher were sales X% as margin gains in Meals marketing $XXX as gross an $X.X fourth in selling basis expenses. as and of on sales Beverages. with as improvement gains well net million Adjusted increased to EBIT Organic by sales
from primarily by reduction a tax cash continuing by Fresh adjusted increased operations and interest driven XX% strong $X.XX to and divestiture. Campbell expense, lower share, to a per or EPS proceeds Adjusted $X.XX flow the from rate in due
comparable benefiting in prior For net net to continuing increased Beverages. $X.X an operations year, were in sales while XX% from the & basis to were declines acquisitions, as organic as Meals the by full from sale Snacks gains year, billion, on offset supported
incremental acquisitions X% and expense $X.XX from tax adjusted Adjusted to lower the increased interest rate. EPS was and a operations continuing EBIT billion $X.XXX X%, from adjusted of down reflecting
$XXX quarter billion, and with increased by the adjusted guidance, $X X% share. And adjusted our million X% XX% to for $X.XX to expectations combined net increased of EPS, consistent which a now, on sales previous basis our and per increased EBIT exceeded
Foods. For year, acquisitions the XX% X% to billion Pacific adjusted billion, the EBIT year. X% net of combined of $X.XX decreased Adjusted versus sales EPS net declined reflecting the increased full prior and $X.XXX $X.X to and Snyder’s-Lance
gains XX up for from operations the net our benefit net voluntary Blasted driven X%, points is segments. were basis the in a of sales lapping volume performance recent July the pricing down the Approximately crackers snacks, combination growth by lost Breaking sales were by result to a Organic actions. sales continuing of Flavor increased and related recall achieved were the Volume quarter. driven while Goldfish XXXX. of two of gains of sales across pricing our
Promotional spending neutral. in was currency the the was from quarter flat year-over-year, translation impact while
As reported to we currency net X%. minimal. we were impact refocus America, sales translation North as be on our expect would All-in, our up portfolio
margin to gross in We continue are as our we improvements pleased with achieve performance. results sequential
XX.X%. of points. Cost margin For negative continuing basis operations, points to a other factors had gross impact adjusted by our basis inflation percentage XXX XX increased and
prices approximately prices input basis, aluminum vegetables, increased rate on X%, cans, a On and steel wheat. reflecting higher
way, productivity supply contributed gross program points program and savings chain our to points our basis XXX the added ongoing basis cost XXX expansion. margin Going other
bringing list Net soup, and benefited Reflecting the favorable incurred recall XX as pricing contributed to the points by percentage U.S. several we related in key basis pricing margin actions points, from gains lapping categories XX.X%. XX year. mix basis costs Flavor across sales strong to Blasted last was Goldfish from gross
partly to incentive savings and Adjusted by XX% improved items. benefits from offset $XXX quarter, offset expenses the compensation increased in to operating on cost by higher expense, the on reflecting increased savings benefits Moving compensations, marketing primarily initiatives. initiatives. partly increased driven primarily administrative to X% due the increased million, incentive by and Marketing from Snacks other selling cost investment expenses performance,
items. additional this on For down our change below-the-line operating performance performance, perspective our breaks between adjusted EPS chart our and
and EPS increase Adjusted EPS impact the prior to million flow as adjusted On by cash per year a positive quarter interest a neutral $X.XX our offset used and as on $X.XX margin expenses. were from currency increased debt. have no impact strong $X.XX reduce gross selling basis, we expense higher sales declined to to Net share. marketing $X had EBIT our by EPS $X.XX in in
rate, EPS. from to benefited lower a $X.XX tax EPS adding Adjusted adjusted effective
Our U.S. had rate. by rate XX.X%, impact points effective on EPS benefiting the currency And adjusted tax declined no the per from to reduced X.X lastly, quarter, completing $X.XX translation Federal to this share. bridge
The gains offset prior and Now, X% declines Prego, U.S. turning soup gains earnings gains, to Pace, driven productivity In increased the cost savings in operating X% our Beverages, inflation, and results. U.S. segment in expense, partly and pricing the X%, compensation reflecting of Segment of benefit VX condensed benefits chain sales sales partly soups. year, versus ready-to-serve and Sales million. beverages. increased & supply by declined higher initiatives cost was primarily by by in driven soup, Meals incentive by actions. $XXX list to decline the offset organic of
a category and measured our share at Here’s performance by U.S. IRI. as results wet look soup
ending period X.X%. July the category XXXX, XX, XX-week the For declined
sales measured Our share. collectively label points market basis other of share sales points. X.X% sales grew Pacific points. declined players and points, basis branded X.X% All XXX including basis XXX share XX of basis by market of gain a channels gaining our decline with XX experienced Private a in declined market
improving. on our shown and trends consumption As chart, the share are
XX points period our XX-week in July ending the points. For with channels measured share increased XX, sales declining just XXX basis basis
as negative Farm Brand Crisps sales Organic Snack XXXX. sales voluntary snacks, company of the continued in July July Campbell increased X%. the as as the the Pretzel X% in chips, in million. reflects momentum crackers, Pepperidge well Factory In performance gains impact $XXX Late bakery Kettle Farm Pepperidge potato and quarter increased recall Snacks, This to Goldfish laps in products,
grew earnings operating power higher and were marketing Segment investment share growth, sales increased million or of probably productivity incentive in market by quarter. gains As cost $XXX Mark the increased savings as eight our nine held mentioned, X% to brands and cost snack inflation, offset compensation.
by higher significant Cash XXXX performance and from in million fiscal capital operations $XX billion, to increased improvements reflecting working about earnings. for cash $X.X
year, was share. for the $XXX expenditures $XXX the capital comparable current paid cash quarterly million, $X.XX The lower the million outlay of our of in million per $XX prior Dividends were to amount than year. dividend prior reflecting
divestiture and Net the debt used the compared to flow of generated year from reduce proceeds million the $X.XXX by to as business, positive Campbell million, $X.XXX debt. cash Fresh declined prior by were of
the International XXXX, in use half businesses expect we’ll first the to of to divestitures proceeds Campbell close debt reduce the the level. We of and our further
are to very agreement Campbell progress balance of for We with we we the pleased our On and sell business International made for International, have divestiture billion. our Kelsen on Campbell million have $XXX $X.X now the program.
As closing transactions fiscal first half XXXX. anticipate mentioned, in the on we international the of
divestiture Together these with in discontinued being Fresh $X the divestiture the And of now proceeds was businesses reported are significantly of debt The of our level. operations. completed which quarter, these approximately fourth expected will be used Campbell our as billion. we as to discussed, results division, reduce
fiscal about operations, continuing for one which our Campbell week, has of excludes International included is year, Fresh. including a a focused guidance non-U.S is EBIT additional results the now dollar of portfolio impact as sales, is and translation impact X not For Fiscal EPS. the expected America, less providing currency now sales XX-week total. we to guidance which than XX% XXXX, are are net in a XXXX Campbell in With material have North percentage-point across our and and
in extra sales improving reflecting trends in expected Snacks & and Net Beverages. the growth increase X% to are to X%, Meals week,
increases productivity benefits X% and and our funding growth increase reflecting to and Adjusted sales by EBIT is which to expected in marketing cost gains, are support. planned from program synergy X%,
to expected is X% by EPS to XX%. Adjusted increase
of for proceeds benefiting in use from including to EPS detail divestiture I’ll moment, As from a is those anticipated debt. Campbell International you the reduce
to our results don’t performance investments by business provide negatively quarterly to snacks and half impacted Although we that the say I improve will we U.S. guidance, soup. of accelerated to our expect first marketing support be
to inflation rates we moderate year. throughout In expect gradually cost the addition,
to helpful many it our our the to additional would be we parts reporting, details thought provide moving behind Given EPS financial guidance.
of combination drivers discontinued EPS a are operations. From the XXXX will operations in continuing benefit continuing of results $X.XX, XXXX and discussed, several XXXX. As from base
First, and to on use of closing interest from per first we half, estimate proceeds divestiture proceeds is date. closing change, update international our anticipated we will This the approximately the interest expense share. the anticipated will from expect anticipated an divestitures. $X.XX based benefit the on And C-Fresh extent in currently Based those the of benefit you.
add our the will for to XXXX growth while add Next, per $X.XX get adjusted on basis continuing these $X.XX business, $X.XX. the guidance base week like-for-like to drivers EPS approximately a Together, $X.XX. us share, additional $X.XX operations of to on
an numbers interest incremental wrap from these to using a that estimated into the here note divestitures, our you’re $X.XX, dilution year. please is XXXX. calculate shown the If only benefit partial which will There’s
approximately the expect of assumptions XXXX. somewhat, guidance, some inflation to underlying our in moderating cost although Turning we X% be key to
products successfully cost we’ve the cost As our of our we delivered to an of cost of of expect meaningful ongoing savings, million supply including in benefit we contribution synergies. X% cost to of the program, excluding a gains, Snyder’s-Lance Against productivity approximately savings savings $XXX deliver additional expect chain from X% sold. past, program,
and million we to the comparable benefit Including expense expect be forecasting $XXX year, approximately proceeds, the Below-the-line adjusted to of in $XXX are range we million. this of interest to tax the rate anticipated XX%. divestiture
approximately capital decrease a forecasting expenditures of from program. million, XXXX reflecting divestiture spending, are the We $XXX
enjoyed mentioned, here, time interests. Mark much will leaving my as wish have certainly and pursue forward. Lastly, I the be going the Company other very success to I and all the Company
And That I’ll for it now, review. back completes to Q&A. turn the Ken my
